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Pure Competition
A market structure characterized by a large number of firms, all producing identical products, and no single firm has any influence over market price.
Extra Unit
The additional quantity of a product or service that is produced or provided.
Purely Competitive Firm
A company operating in a market where there are many buyers and sellers, all selling identical products, and no single buyer or seller can influence the market price.
Total Revenue
The cumulative financial gain a company secures from its commercial activities, including sales and services, within a particular duration.
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